Children’s Education Policy


One of the best legacies that you can leave your child is a good continuous education. The final stages in the education of a child can be costly, if then, why don’t you start funding in advance and spread this over a period.


A parent takes the policy on his/her life for the benefit of the child’s future. What is more, under this scheme should you die before maturity of the policy, the Sum Assured will be utilized for the education and maintenance of the child.

Who can take out this policy?

Any Individual (Parent) between the ages of 18 and 65 for the educational needs of his/her son, daughter or ward. The policy will be issued on the parent’s life.

Level of Benefit Available

Policyholders decide on the level of cover they want. Premium due depends on the age of the life to be assured, the amount to be assured and the duration (term) of the policy.

Increase of the Level of Benefit

This could be done to meet changing circumstances or inflationary trends at. Such an increase in the benefit attracts increase in premium.

With Profit Endowment
At the maturity of the policy, in addition to the guaranteed amount (Sum Assured) we will pay you bonus based on investment performance during the term of the policy.

Without Profit Endowment
Only the guaranteed amount shall be paid at the maturity of the policy.

Inception of Cover

The policy can start running after the payment of the first premium.

Premium Payment Methods

Premium could be paid: Monthly, Quarterly, Half Yearly or Yearly.

The Policy’s Minimum Term

The minimum term the policy can be taken for is Five years. Death of the parent before the end of the selected policy term If death occurs before the end of the selected term and all premium payments have been met in full, all future premium payments shall be considered met in full. Payment of the guaranteed amount will be paid to the beneficiaries of the policyholder. Even if the Policyholder dies soon after paying the first premium, we are obliged under the agreement to pay the full Sum Assured to the policyholder’s dependents.

Death of the Child that the policy is taken to educate before the maturity of the policy The policy could be used to educate another child at maturity or utilize the proceeds for another purpose or can cancel the policy and shall be entitled to full refund of premium paid.
When the policyholder lives to the maturity date of the policy With Profits Endowment – Guaranteed Amount plus bonus shall be paid to the policyholder Without Profit Endowment – Only guaranteed amount shall be paid to policyholder.

Can I cash my Endowment policy before maturity?

Yes. you can cash in your Endowment policy two years after the inception of the policy. The policyholder will be entitled to the Surrender Value of the policy. The Surrender Value depends on how long the policy has been in force and the amount of premium that has been paid.

Can I change my Beneficiary?

Yes. You can change your beneficiary at any time by sending a written notice to us of such change.

Claim Procedures

All claims should be reported at the Life Department of the Company, Second Floor, Kissy House, 54, Siaka Stevens Street, Freetown. The documents required for:

Maturity claims:
  • The Policy Document
Death Claims:
  • Death certificate
  • Cause of Death Certificate
  • Policy Document

Policy Loan

Non-Payment of Policy Proceeds Benefits due under the policy shall not be paid in any of the following circumstances:
  • The information you provided on the Proposal or Application Form was not correct
  • Non-payment of premiums
  • Death due to an Excluded cover